THE PRESIDENT: Thank you all for coming
today. I'm honored to be joined by Secretary of Energy
Spence Abraham and Administrator Chrsite Todd Whitman of the
Environmental Protection Agency.

We're here to discuss an energy plan, a comprehensive energy plan
that recognizes that through technology we can increase our national
security and economic security by reducing demand for petro chemicals
and, at the same time, we can clean up the air in our country.

I want to thank these two leades for having a practical vision as
to how to achieve common objectives. Any sound comprehensive
energy policy must both increase production and reduce
consumption. It's important for Americans to remember that
as we debate an energy bill, as we have a discussion about an energy
plan, that America imports more than 50 percent of its oil -- more than
10 million barrels a day. And the figure is rising.

This is dependence on foreign oil. And this dependence
is a challenge to our economic security, because dependence can lead to
price shocks and fuel shortages. And this dependence on
foreign oil is a matter of national security. To put it bluntly,
sometimes we rely upon energy sources from countries that don't
particularly like us.

Now, it's also important to realize that the transportation sector
consumes more than two-thirds of all the petroleum used in the United
States, so that any effort to reduce consumption must include ways to
safely make cars and trucks more fuel efficient. New
technology is the best way to do so, and today we had a chance to see
some of the best new technologies being developed by American
ingenuity.

Hybrid cars, the likes of which we just saw over there, are already
in existence. They run on a mixture of gas and electric
power. They are several times more fuel efficient than most
cars on the road today.

I was told by the representatives of the manufacturing companies
that more and more hybrid cars will be available in the marketplace
next year. And this is good news. It's good news
for our environment, and it's good news for American consumers who are
not only worried about the environment, but understand the
ramifications of dependency on foreign sources of crude oil.

And then the fuel cells are being developed. Fuel cells
will power cars with little or no waste at all. We happen to
believe that fuel cells are the wave of the future; that fuel cells
offer incredible opportunity.

Now, there's a lot of obstacles that must be overcome in order to
make fuel cells economically viable. And, therefore, we're
promoting more research and development. In January,
Secretary Abraham announced a $150 million FreedomCAR plan, focused on
development of fuel cell technologies that run on hydrogen, whose only
emission is water vapor.

Imagine when that technology comes into being. Imagine
how less dependent America will be on foreign sources of energy, and
how more easy it'll be to clean up our air. And we've got
plenty of water, and if water vapor is the product, we'll be in good
shape. But we need to have a focused effort to bring fuel
cells to market, and that's exactly what my administration is dedicated
to do.

There's been some breakthroughs already. After all, NASA
developed fuel cells to generate electricity, heat, and water in space
vehicles. Businesses started using them in
1995. And that's why we are optimistic that within a
reasonable period of time, that fuel-cell technology will become more
widespread.

We've also, in the bill I submitted, made it clear that any good
comprehensive energy plan must encourage consumption by providing over
$3 billion of consumer tax credits, available for those who purchase
hybrid and fuel-cell vehicles over the next 11 years. In
other words, there is a role for the federal government, not only to
encourage research and development, but a role to provide tax credits
to enhance the marketplace.

Technologies will also enable us to preserve our environment as we
explore for natural gas at home. And I urge the United
States Senate to pass a comprehensive energy plan
quickly. The House has acted, and now the Senate must
act. And the Congress needs to get a bill to my desk.

The other feature about the energy bill that is important is that
it's a jobs bill. That's why the Teamsters strongly support
the energy package we submitted to the United States
Congress. This is an important piece of legislation, and I
urge quick action.